The latest house price data from the Australian Bureau of Statistics (ABS) reported mostly positive results for capital city markets over the September quarter. All capitals reported an increase in the established house price index with the exception of Perth and Darwin. Prices fell by 1.8% in Perth and 2.2% in Darwin over the September quarter.
“The top performers were Sydney up by 2.6 percent, Melbourne up 2.1 percent and Hobart where the established house price index increased by 2.2 percent over the September quarter,” said Dr Andrew Wilson, senior economist of the Domain Group.
Most capitals also reported increases in the ABS unit price index, with the exception of Brisbane (where prices fell by 0.6%) and Perth (where prices fell by 0.8%) over the September quarter. Sydney was again the top performer with unit prices increasing by 2.1%; this was matched by Hobart, which reported the same robust result.
According to Wilson, Melbourne reported the strongest growth in established house prices over the year ending in September (up by 8.6%). On the other hand, Perth and Darwin’s annual house prices decreased by 4.1% and 8.5% respectively.
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